Inspace, a Sydney-based software-as-a-service (SaaS) startup, has successfully raised a new funding round led by Our Innovation Fund (OIF). Other participants in the round included Leigh Jasper, co-founder of Aconex, seed VC Investible, and Artesian. Geoff Levy, a former Mirvac director and partner at OIF, will also join Inspace’s board.
The startup’s platform has already gained significant traction in the Australian market, with over 90% of the country’s top-tier commercial property landlords and agents using it. Inspace boasts an impressive client roster that includes industry leaders such as Dexus, Mirvac, JLL, CBRE, Blackstone, Brookfield, ESR, and Lendlease.
According to Justin Liang, Founder and CEO of Inspace, the company’s subscription base has grown by an astonishing 13-fold over the past year. In the last month alone, their platform facilitated over $1 billion in real estate deals. Inspace’s virtual property visualization platform, called ‘Stack,’ has experienced rapid growth in the Asia-Pacific region, specifically in Australia, Singapore, and Japan. Now, the company has set its sights on cracking the US and UK markets to help property firms worldwide navigate sales and leasing deals amid ongoing travel restrictions caused by the Covid-19 pandemic.
Liang emphasized Inspace’s commitment to assisting real estate customers in transitioning from physical property inspections to digital walkthroughs, a shift necessitated by the pandemic. Since its inception, Inspace has aimed to create digital replicas of every commercial building worldwide, and the pandemic has significantly accelerated the industry’s adoption of their platform.
Liang further stated, “Every property asset owner, agent, manager, tenant, and user is seeking innovative ways to sell, lease, or interact with their physical assets in the digital world. We’re providing them with an actionable platform that delivers key ROI, including increased prospects in marketing campaigns, faster sales or leasing processes, more comprehensive data and analytics, and a more engaging experience for all stakeholders.”
Customers Drive Global Expansion Efforts
Liang expressed strong interest from the United States, noting that their customers had propelled them into the global market.
“Our goal is to establish a prominent presence in the US and UK markets within the next year, and to have the portfolios of major real estate companies hosted on our platform,” Liang stated.
He emphasized Australia’s outstanding reputation in property and technology worldwide, and the company’s aspiration to build a business that evokes immense pride.
Sheridan Ware, the Chief Technology Officer of Charter Hall, commended Inspace for its ability to visualize, plan, and collaboratively create spaces with tenant customers.
“We have been delighted to collaborate with Justin and his team from the very beginning,” Ware expressed.
Laurence Schwartz, a partner at OIF, highlighted the VC firm’s profound software expertise and proptech experience, underscoring their contribution to Inspace’s global ambitions.
“Justin is an extraordinary founder who is building a world-class team, product, and company in an industry undergoing significant digitization,” Schwartz acknowledged. “As the engagement with physical real estate becomes increasingly digital, Inspace is poised to lead the way. We are immensely proud to partner with Justin and his team in achieving this on a global scale.”
Inspace operates from the ACS Harbour City Labs located in Barangaroo.